International Review of Financial Analysis最新文献_第2页

Sharing weal and woe: Do geopolitical risks affect corporate innovation? A global supply chain perspective 同甘共苦：地缘政治风险会影响企业创新吗？全球供应链视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-17 DOI: 10.1016/j.irfa.2025.104474

Ziyin Huang , Zhuopin Guo , Junsong Chen , Jin Huang

引用次数: 0

Reluctant participants? Weather extremes and ESG inconsistencies 不情愿的参与者?极端天气和ESG不一致

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-17 DOI: 10.1016/j.irfa.2025.104477

Zhijian Yu

{"title":"Reluctant participants? Weather extremes and ESG inconsistencies","authors":"Zhijian Yu","doi":"10.1016/j.irfa.2025.104477","DOIUrl":"10.1016/j.irfa.2025.104477","url":null,"abstract":"<div><div>Despite evidence suggesting that Environmental, Social, and Governance (ESG) disclosures can enhance financial performance, full corporate engagement in ESG activities is often hindered by conflicting stakeholder interests. This study seeks to better explain this paradox by examining the varied impacts of exogenous weather extremes on distinct ESG dimensions and overall financial performance. Our findings indicate that water scarcity generally improves aggregate ESG scores, primarily by boosting environmental (E) and governance (G) performance, although it negatively affects social (S) performance. Conversely, extreme heat tends to produce the opposite effects, highlighting the complex and differentiated nature of corporate responses to various types of weather extremes. We propose two key mechanisms underlying these inconsistencies: 1) resource limitations compel firms to prioritize specific ESG aspects over others, and 2) heightened risk perceptions prompt firms to adopt precautionary financial strategies, which may, in turn, constrain ESG investments. Furthermore, our results underscore the potential efficacy of regulatory frameworks and incentive systems in mitigating such ESG inconsistencies when firms face climate-related challenges.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104477"},"PeriodicalIF":7.5,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144685552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Digital transformation and corporate fraud: Evidence from China 数字化转型与企业欺诈：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-16 DOI: 10.1016/j.irfa.2025.104476

Chao Lu , Yiwen Zhao , Kai Xing , Jinxin Liu

引用次数: 0

Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective 企业环境绩效与债券融资成本：多利益相关者信号视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-16 DOI: 10.1016/j.irfa.2025.104479

Lan Wang , Xinge Ding , Yudong Yang , Ruiyi Wu

{"title":"Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective","authors":"Lan Wang , Xinge Ding , Yudong Yang , Ruiyi Wu","doi":"10.1016/j.irfa.2025.104479","DOIUrl":"10.1016/j.irfa.2025.104479","url":null,"abstract":"<div><div>While previous studies have explored the relationship between corporate environmental performance and bond financing costs, there remains a gap in understanding how different stakeholders influence the interpretation and effectiveness of environmental signals. This study adopts a multi-stakeholder signaling perspective to analyze the impact of corporate environmental performance on bond financing costs, considering the role of both internal and external stakeholders in shaping signal effectiveness. Using data from Chinese listed companies between 2012 and 2022, our findings show that corporate environmental performance serves as an effective signal to reduce bond financing cost. Four types of stakeholders in the signaling environment are identified as “signal moderators”. Specifically, CEO duality and supply chain concentration strengthen the effect of environmental performance on bond financing cost, while institutional investor preference and government-enterprise relationship weaken this effect. Moreover, mechanism analyses reveal that environmental performance reduces bond financing cost by improving operational efficiency and lowering financial risk. Heterogeneity analysis further indicates that this signaling effect is more pronounced in corporates operating in heavy-polluting industries, highly competitive markets, non-high-tech sectors, and those with low levels of carbon emission disclosure. By incorporating a multi-stakeholder signaling perspective, this study advances our understanding of green signal transmission and the signaling environment in bond markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104479"},"PeriodicalIF":7.5,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144685553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Break down data silos: Does public data openness improve corporate ESG performance? 打破数据孤岛：公开数据是否能提高企业的ESG绩效？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-16 DOI: 10.1016/j.irfa.2025.104480

Song Nie , Shihao Wang , Qiang Ji

引用次数: 0

The RMB value added real effective exchange rate: Theory, measurement and analysis 人民币增值实际有效汇率：理论、计量与分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-14 DOI: 10.1016/j.irfa.2025.104470

Tianyu Hou , Chang Xie

{"title":"The RMB value added real effective exchange rate: Theory, measurement and analysis","authors":"Tianyu Hou , Chang Xie","doi":"10.1016/j.irfa.2025.104470","DOIUrl":"10.1016/j.irfa.2025.104470","url":null,"abstract":"<div><div>This paper enhances the theoretical framework of the value-added real effective exchange rate by integrating factor market theory, leading to the development of a general equilibrium-based value-added real effective exchange rate model. Utilizing this framework, the study attempts to construct a potential value-added real effective exchange rate for the Renminbi by endogenously addressing the value-added price index and the actual final use. The resulting potential value-added real effective exchange rate for the Renminbi is compared and analyzed from the perspectives of weights, price indices, and substitution elasticities. The findings indicate that the endogenous treatment of the value-added price index significantly influences the cumulative changes in the potential value-added real effective exchange rate of the Renminbi. Additionally, the endogenous processing of actual final use enables an exploration of the input linkages and relative output gaps between China and its partner countries and regions, which arise from differences in weights. Variations in substitution elasticities similarly affect both weight discrepancies and the overall fluctuations in the real effective exchange rate. Furthermore, exogenic shocks that affect labor demand serve as the main drivers of changes in the potential value-added real effective exchange rate. By examining the Renminbi's potential value-added real effective exchange rate, this study provides valuable insights into the relationship between China's initiatives to boost domestic demand and advance supply-side reforms, serving as a reference point for market-oriented factor price reforms.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104470"},"PeriodicalIF":7.5,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144656148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Collateral reform and firm value: Empirical evidence from the natural experiment of civil code of the PRC 附带改革与企业价值：来自中华人民共和国民法典自然实验的经验证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-14 DOI: 10.1016/j.irfa.2025.104471

Shuwen Wang , Ruiqi Yang , Yanru Li

引用次数: 0

Spatial proximity in venture capital investments and assets intangibility 风险投资的空间接近性与资产无形性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-11 DOI: 10.1016/j.irfa.2025.104464

Xinyue Cai , Peigong Li , Wanwan Zhu

引用次数: 0

Exporting like China: Vertical spillover effects of firms exporting digital products 像中国一样出口：数字产品出口企业的垂直溢出效应

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-11 DOI: 10.1016/j.irfa.2025.104462

Kun Li , Peifeng Cai , Jing Wang

{"title":"Exporting like China: Vertical spillover effects of firms exporting digital products","authors":"Kun Li , Peifeng Cai , Jing Wang","doi":"10.1016/j.irfa.2025.104462","DOIUrl":"10.1016/j.irfa.2025.104462","url":null,"abstract":"<div><div>Against the background that only a few companies have successfully entered the international market to sell digital products, it is important to study whether the export of digital products by enterprises can bring digital technology spillover effects to upstream enterprises in the supply chain. This paper uses supply chain network data constructed by data from Chinese listed companies and customs data from 2009 to 2016. Empirical tests have found that, firstly, the export of digital products can not only promote digital innovation in enterprises, but also indirectly promote digital innovation in upstream enterprises in the supply chain. The indirect effect of the export of digital products by enterprises accounts for approximately 41.3 % of the total effect. Second, the export of digital products can promote digital innovation in upstream enterprises through knowledge and technology spillovers, digital innovation awareness spillovers, and financial spillovers. Third, the supply chain spillover effects of exports of digital products are characterized by asymmetry. The promotion effect of exports of digital products on digital innovation of upstream enterprises is stronger when the average distance between suppliers and customers is closer, the level of digital infrastructure construction in the supplier's region is higher, and the supplier's customer concentration is lower.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104462"},"PeriodicalIF":7.5,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144656147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits 顺序提问和结构化回答：提高企业网站访问的信息有效性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-11 DOI: 10.1016/j.irfa.2025.104467

Jinyu Yang , Dayong Dong , Chao Liang

引用次数: 0